Reservoir, one of the most well-known players on the NFT infrastructure, announced that it will be discontinuing its NFT offerings. This decision sends shockwaves throughout the digital asset space. It begs the question of what this means for the big companies – companies that have made significant investments in integrating Reservoir’s technology into their platforms. While the full implications are still unfolding, it's crucial to examine the potential consequences and explore alternative solutions for developers and users alike.

Fundamentally, what is at issue here is the deep disturbance this shutdown produces to the NFT ecosystem. Reservoir's tools have been widely used to build custom marketplaces, embed buying and selling functionalities into applications, and distribute liquidity for protocols. The platform made the classic all-in-one platform mistake. This shift would allow developers to focus on improving the user experience, not wrestling with the technical burdens of asset trading. Now, with Reservoir backing out, those who rely on its infrastructure are left scrambling to find the right replacement.

Reservoir’s platform has been deployed by hundreds of active developer teams, including industry leaders such as Magic Eden, Coinbase and MetaMask. While there's no explicit information available about the direct impact on Coinbase and MetaMask, it's reasonable to assume that these companies, along with others, will need to adapt. Crypto.news has reached out to Coinbase and MetaMask for their responses. So far, none of them have announced formal policy statements. Absence of immediate press releases does not preclude the effect. These three big players are probably still deciding what to do and planning how to minimize the negative impact of Reservoir’s departure.

The Search for Alternatives: Infrastructure Providers

Perhaps the most glaring example, the NFT landscape has changed completely in just a few months. Luckily, many other alternative infrastructure providers are prepared to take Reservoir’s place and fill the infrastructure void. Here are some options that developers and platforms can consider:

  • NFT20: This platform provides NFT liquidity pools designed to empower developers in creating innovative NFT applications. It enables the trading, swapping, and selling of NFTs, offering a robust foundation for building NFT-centric projects.
  • MultiBaas: MultiBaas offers a middleware platform that streamlines blockchain development. It provides a user-friendly REST API and an intuitive web-based control panel, simplifying NFT transactions and other blockchain interactions.
  • Flow: Flow is a layer 1 platform known for its high-performance infrastructure. It boasts impressive capabilities, including handling 1250 TPS (transactions per second), supporting 1000+ nodes, and processing over 150 million total transactions. These features make Flow well-suited for handling the demands of NFT transactions.
  • ImmutableX (IMX): As a layer 2 rollup protocol, ImmutableX directly integrates high-volume NFT trading infrastructure onto the Ethereum mainnet. This provides a scalable solution for NFT transactions, addressing the limitations of the mainnet.
  • StarkEx: StarkEx is another layer 2 rollup protocol that uses validity proofs to ensure fast and secure NFT transactions. It supports both ERC-20 and ERC-721 tokens, making it versatile for various NFT applications.

Open-Source Options and Tools

Aside from the known infrastructure players, the open-source community offers an astounding array of tools and resources. Developers will be able to use these as building blocks to develop their own NFT solutions. With a bit more technical know-how, these options give agencies more control and flexibility.

  • Open Collectors Network: This platform facilitates real-time token transactions using an Ethereum-based smart contract as the intermediary. It offers free-to-trade ERC-721 token interactions, making it an attractive option for certain use cases.
  • OpenGoods: OpenGoods provides a wide range of code, from creating smart contracts to building entire platforms. With 549 public repositories and counting, it's a valuable resource for developers seeking to build from the ground up.
  • Rare Pepe Wallet: Similar to Open Collectors Network, Rare Pepe Wallet offers free-to-trade ERC-721 token interactions using an Ethereum-based smart contract.
  • OpenZeppelin: OpenZeppelin provides sample contracts for deploying and interacting with NFTs on a local network. This is a great starting point for developers who want to experiment with NFT technology.
  • MyCrypto: MyCrypto offers a faucet for requesting test ether on the Ropsten network. This is essential for developers who need test funds to deploy and test their NFT contracts.

Actionable Advice for Developers and Users

The shutdown of Reservoir’s NFT service is a loss for the ecosystem, but it represents an opportunity. Here's some actionable advice for developers and users affected by the change:

  1. Evaluate Your Needs: Carefully assess your current reliance on Reservoir's infrastructure. Identify the specific functionalities you need to replace.
  2. Explore Alternatives: Research the infrastructure providers and open-source tools mentioned above. Consider factors like scalability, cost, ease of integration, and community support.
  3. Plan Your Migration: Develop a detailed migration plan to ensure a smooth transition. This may involve rewriting code, migrating data, and testing new integrations.
  4. Engage with the Community: Connect with other developers and users in the NFT community. Share your experiences, ask for advice, and collaborate on solutions.
  5. Stay Informed: Keep up-to-date with the latest developments in the NFT space. New tools and platforms are constantly emerging, so it's important to stay informed about your options.

Reservoir collaborated with SKALE, a Gas-Free Invisible Blockchain network, to assist dApps with seamless integrations and scaling their NFT operations. The closing of this collaboration could cause a major shutdown of these popular dApps. This partnership allowed Reservoir-powered applications to run without the previously mentioned prohibitive costs of blockchain in transaction fees. Developers who built their plans around this partnership have some serious recalibrating to do. The negative PR might have them looking for other solutions, gas-free NFT on-boarding, but whatever. By taking a proactive approach and exploring the available alternatives, developers and users can navigate this transition and continue to innovate in the exciting world of NFTs.